COOP - Rate lock volumes plunged in April as mortgage rates keep climbing

Amid a rapid boost in long-term mortgage rates, rate lock activity dropped in April, reflecting home affordability concerns, according to Black Knight's Originations Market Monitor Report.  Specifically, rate lock volumes slid 20% M/M in April, driven by another sharp decline of 50% in rate/term refi activity in the wake of a rising interest rate environment, Black Knight highlighted.  "Seen in the light of such quick and sharp rises in 30-year rates, April's declines in rate lock activity - though bracing - are hardly surprising, Black Knight said. That's particularly true of refinance locks when half of all mortgage holders have current lien rates below 3.5%. That being said, while purchase locks were down somewhat from March, they remained flat from last April, reflecting consistent and resilient demand from homebuyers," he added.  Moreover, cash-out refi locks dipped 40% in April as homeowners look for alternatives "to access tappable equity without sacrificing

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Rate lock volumes plunged in April as mortgage rates keep climbing